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The Oil Supply Crunch Is Spreading From the Gulf to the Rest of the World – WSJ

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The Oil Supply Crunch Is Spreading From the Gulf to the Rest of the World – WSJ

For a glimpse of how much higher energy prices could still soar, look beyond the prices Wall Street analysts normally track for West Texas Intermediate in the U.S. and Brent in Europe.

At the center of the supply squeeze in the Middle East, traders are paying an eye-watering $160 a barrel for the Emirati oil that can dodge the Strait of Hormuz, far above those global benchmarks.

Those sky-high prices, traders say, are a harbinger of where the rest of the market could be heading if the Persian Gulf isn’t reopened soon. That is because Asian customers are scouring the world for similar varieties of crude to keep churning out diesel and jet fuel.

Benchmark oil prices sank after President Trump postponed strikes on Iranian energy infrastructure and said the U.S. had held “productive” talks with Tehran, raising the prospect he might be searching for a way to end the war.

U.N. Climate Report Finds Growing Energy Imbalance on Earth – The New York Times

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U.N. Climate Report Finds Growing Energy Imbalance on Earth – The New York Times

The Earth is out of balance.

That’s the message from a United Nations report released late Sunday that looked at how much energy from the sun is absorbed by the Earth or reflected back into space.

Researchers found the gap between the two is the biggest since measurements began in 1960, meaning more of the sun’s heat energy is now staying on Earth. And that energy imbalance is heating up the oceans, atmosphere, and frozen regions of the world, according to the World Meteorological Organization’s State of the Global Climate report.

Tehran Vows to Destroy Key Infrastructure After Trump’s Power Plant Threat – The New York Times

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Iran War Live Updates: Tehran Vows to Destroy Key Infrastructure After Trump’s Power Plant Threat – The New York Times

President Trump said that he would “obliterate” Iran’s electricity plants if it did not open the Strait of Hormuz within 48 hours. Iran dismissed the ultimatum as its missiles hit southern Israel, including near the country’s main nuclear research center.

Where Oil and Gas Sites Have Been Attacked During Iran War – The New York Times

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Where Oil and Gas Sites Have Been Attacked During Iran War – The New York Times

At least 39 energy oil refineries, natural gas fields and other energy sites in nine countries have been damaged since the United States and Israel began bombarding Iran, a New York Times analysis found. Some have been struck by drones. Several have been hit more than once.

As the attacks escalate, both sides increasingly view energy as a potent target — one that is capable of inflicting severe economic pain. Iran depends on oil and natural gas to keep the lights on and its government running, while the United States wants to prevent prices from soaring further and damaging the underpinnings of the global order.

From Four-Day Weeks to AC Bans, the World Is Scrambling to Save Energy – WSJ

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From Four-Day Weeks to AC Bans, the World Is Scrambling to Save Energy – WSJ

Governments around the world are pressuring consumers to reduce energy use in one of the broadest efforts to alter fuel-consumption habits since the 1970s, as the Iran war drives oil-and-gas prices sharply higher.

The changes are being rolled out as a mix of voluntary acts, soft restrictions and incentives to cut demand. But the policies are multiplying and growing more constraining as the crisis continues.

The war has closed the Strait of Hormuz, which normally caters to about 20% of global oil consumption, causing the biggest supply shock in the history of the oil market, according to the International Energy Agency.